Conditions are worse than in 1998?

John Stomber, chief executive of the fund and Merrill Lynch's former treasurer, apologized to investors.

"Because CCC has publicly traded securities and is subject to various rules and regulations pertaining to selective disclosure, we relied on our press releases and our Web site instead of communicating directly with individual shareholders. We understand these efforts have been unsatisfactory and frustrating to many of you," he said.
"We sincerely apologize for this lapse in communication."

He also said conditions are worse than in October 1998, when the Federal Reserve intervened to compel banks to bail out Long-Term Capital Management.